Suitability, Know Your Customer and You
... And the broker recommended the transaction, investment strategy or that the customer hold a security Example: you send research and recommend a security to a friend, and (s)he later effects a trade in that security with you; but she is not a customer if (s)he effects the trade elsewhere ...
... And the broker recommended the transaction, investment strategy or that the customer hold a security Example: you send research and recommend a security to a friend, and (s)he later effects a trade in that security with you; but she is not a customer if (s)he effects the trade elsewhere ...
14-0187 Attachment - Settlement Agreement - Afam Elue
... investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors a ...
... investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors a ...
comisión nacional del mercado de valores - madrid
... 2.4. KPN’s Commitments. KPN acknowledges it is in the interests of KPN and Telefónica to execute any sale of the Telefónica Swap Shares in an orderly manner. 2.4.1 KPN commits: a) Not to Sell any Telefónica Swap Shares in any private transaction to any entity which to the best knowledge of KPN is a ...
... 2.4. KPN’s Commitments. KPN acknowledges it is in the interests of KPN and Telefónica to execute any sale of the Telefónica Swap Shares in an orderly manner. 2.4.1 KPN commits: a) Not to Sell any Telefónica Swap Shares in any private transaction to any entity which to the best knowledge of KPN is a ...
Evidence about Bubble Mechanisms: Precipitating Event
... phase of the put warrants bubble, which began on May 30. Because warrants were exempt from the stamp duty it made warrants more attractive than stocks for short-term speculative trading and caused striking increases in the both entry of new investors into the warrant market and the reentry of invest ...
... phase of the put warrants bubble, which began on May 30. Because warrants were exempt from the stamp duty it made warrants more attractive than stocks for short-term speculative trading and caused striking increases in the both entry of new investors into the warrant market and the reentry of invest ...
Paper on Speculative evidience
... commodity markets2 (including speculation, particularly by institutional investors such as hedge funds, pension funds and investment banks and other exchange traded funds and notes). Recently, commodities have been treated as an “asset class3” because it would develop a vibrant, active and liquid co ...
... commodity markets2 (including speculation, particularly by institutional investors such as hedge funds, pension funds and investment banks and other exchange traded funds and notes). Recently, commodities have been treated as an “asset class3” because it would develop a vibrant, active and liquid co ...
Staff Paper on Developing a Common Platform for Electricity Trading
... Standardization of electricity as a tradable product can be achieved; ...
... Standardization of electricity as a tradable product can be achieved; ...
Toews
... assets, but were achieved by means of retroactive application of a backtested model that was designed with the benefit of hindsight. The performance results are hypothetical and should not be considered indicative of the skill of the adviser. Material market or economic factors have not been conside ...
... assets, but were achieved by means of retroactive application of a backtested model that was designed with the benefit of hindsight. The performance results are hypothetical and should not be considered indicative of the skill of the adviser. Material market or economic factors have not been conside ...
Trading and Returns under Periodic Market Closures
... investors hold on to their closing positions from the previous trading period despite their desire to trade as new information arrives. Consequently, investors optimally adjust their trading strategies during the trading period (in anticipation of and following market closures), which gives rise to ...
... investors hold on to their closing positions from the previous trading period despite their desire to trade as new information arrives. Consequently, investors optimally adjust their trading strategies during the trading period (in anticipation of and following market closures), which gives rise to ...
B04 Chapter 04 Japanese Candlesticks 1.
... All these charts can also be displayed on an arithmetic or logarithmic scale. The types of charts and the scale used depends on what information the technical analyst considers to be the most important, and which charts and which scale best shows that information. If your interest is a qualitative v ...
... All these charts can also be displayed on an arithmetic or logarithmic scale. The types of charts and the scale used depends on what information the technical analyst considers to be the most important, and which charts and which scale best shows that information. If your interest is a qualitative v ...
A Transaction Data Study of the Forward Bias Puzzle
... Our empirical approach combines the Reuters survey of market participants’ forecasts of future currency values and FX transactions data from Electronic Broking Services (EBS) over a period of 10 years between January 1997 and April 2007. Although the main focus of this study is to combine these data ...
... Our empirical approach combines the Reuters survey of market participants’ forecasts of future currency values and FX transactions data from Electronic Broking Services (EBS) over a period of 10 years between January 1997 and April 2007. Although the main focus of this study is to combine these data ...
Does Liquidity Affect Securities Market Efficiency?
... The time series indicator of market liquidity is based on the absolute deviation between the bid-ask midpoint and the previous transaction price, which I call post-trade price movement. I infer that securities markets with large post-trade price movements are costly to trade, or illiquid. In these m ...
... The time series indicator of market liquidity is based on the absolute deviation between the bid-ask midpoint and the previous transaction price, which I call post-trade price movement. I infer that securities markets with large post-trade price movements are costly to trade, or illiquid. In these m ...
Robust Median Reversion Strategy for On
... compound return. Moreover, it is robust to different parameter settings and it can withstand small transaction costs. Finally, RMR has linear time complexity, which is suitable for large-scale applications. The rest of the paper is organized as follows. Section 2 formulates the on-line PS problem an ...
... compound return. Moreover, it is robust to different parameter settings and it can withstand small transaction costs. Finally, RMR has linear time complexity, which is suitable for large-scale applications. The rest of the paper is organized as follows. Section 2 formulates the on-line PS problem an ...
Speculative Retail Trading and Asset Prices
... monthly data range from Jan. 1983 to Dec. 2000. Last, we obtain stocks’ institutional ownership using Thomson Reuters’ 13(f) data and analyst coverage information from Thomson Reuters’ Institutional Brokers’ Estimate System (IBES) data set. B. ...
... monthly data range from Jan. 1983 to Dec. 2000. Last, we obtain stocks’ institutional ownership using Thomson Reuters’ 13(f) data and analyst coverage information from Thomson Reuters’ Institutional Brokers’ Estimate System (IBES) data set. B. ...
Special Risks in Securities Trading
... that you will pay the purchase price and receive the securities late or even not at all. Conversely, when you are obliged to deliver securities that you have sold, you may not simultaneously receive the purchase price from the buyer. Settlement risks mainly occur in emerging markets (see 209). – Ris ...
... that you will pay the purchase price and receive the securities late or even not at all. Conversely, when you are obliged to deliver securities that you have sold, you may not simultaneously receive the purchase price from the buyer. Settlement risks mainly occur in emerging markets (see 209). – Ris ...
Measuring and Modeling Execution Cost and Risk
... transaction costs but lower risk. An execution strategy that takes substantial risk should be risk adjusted before being compared with lower risk strategies. Engle and Ferstenberg (2007) embed this problem in a full portfolio optimization showing that the risk return tradeoff in portfolio theory imp ...
... transaction costs but lower risk. An execution strategy that takes substantial risk should be risk adjusted before being compared with lower risk strategies. Engle and Ferstenberg (2007) embed this problem in a full portfolio optimization showing that the risk return tradeoff in portfolio theory imp ...
does anonymity matter in electronic limit order markets?1
... In the last decade, the security industry has witnessed a proliferation of electronic trading systems. Several of these new trading venues (e.g. Island for equity markets, Reuters D2000-2 for the foreign exchange market or MTS in bond markets) are organized as limit order markets where traders can e ...
... In the last decade, the security industry has witnessed a proliferation of electronic trading systems. Several of these new trading venues (e.g. Island for equity markets, Reuters D2000-2 for the foreign exchange market or MTS in bond markets) are organized as limit order markets where traders can e ...
Eighths, sixteenths, and market depth: changes in tick
... as they could be forced to eat into the limit order book to "nd su$cient liquidity. The question remains, therefore, whether the change in tick size will cause su$cient changes in the cumulative depth to increase costs for larger orders while still reducing costs for smaller ones. As Lee et al. (199 ...
... as they could be forced to eat into the limit order book to "nd su$cient liquidity. The question remains, therefore, whether the change in tick size will cause su$cient changes in the cumulative depth to increase costs for larger orders while still reducing costs for smaller ones. As Lee et al. (199 ...
Overconfidence and Market Efficiency with Heterogeneous Agents
... Nevertheless, investors heterogeneity does influence other properties of the equilibrium. The presence of overconfidence leads to a decrease in the overall informed population as opposed to an increase (as argued elsewhere in the literature). Moreover, overconfident traders earn higher expected prof ...
... Nevertheless, investors heterogeneity does influence other properties of the equilibrium. The presence of overconfidence leads to a decrease in the overall informed population as opposed to an increase (as argued elsewhere in the literature). Moreover, overconfident traders earn higher expected prof ...
Stock Splits, Liquidity and Limit Orders
... We find that daily share volume decreases by about 9% following a stock split. This result is consistent with Copeland (1979), Lamoureux and Poon (1987) though it differs from Desai, Nimalendran and Venkataraman (1998), who find no significant change. We find no evidence, however, of a change in to ...
... We find that daily share volume decreases by about 9% following a stock split. This result is consistent with Copeland (1979), Lamoureux and Poon (1987) though it differs from Desai, Nimalendran and Venkataraman (1998), who find no significant change. We find no evidence, however, of a change in to ...
The Impact of Derivatives on Cash Markets: What Have We
... high, speculators improve the intertemporal allocation of resources and have a dampening effect on seasonal price fluctuations. Similarly, Mill observed, local price fluctuations are reduced as ...
... high, speculators improve the intertemporal allocation of resources and have a dampening effect on seasonal price fluctuations. Similarly, Mill observed, local price fluctuations are reduced as ...
Markets and Securities Services
... This document is solely for information and Citi is not responsible for updating any information contained herein. It is not intended to provide specific advice on any other matter. If advice is required—legal, tax or otherwise—you should consult your own advisers, legal or otherwise. No responsibil ...
... This document is solely for information and Citi is not responsible for updating any information contained herein. It is not intended to provide specific advice on any other matter. If advice is required—legal, tax or otherwise—you should consult your own advisers, legal or otherwise. No responsibil ...
Gains from Stock Exchange Integration: The
... Users face two types of trading costs: (a) explicit costs, such as, for example, exchange fees, commissions, and the costs of clearing and settlement; and (b) implicit costs, which include the bid-ask spread and the price impact of orders, to the extent that large orders cause an adverse change in s ...
... Users face two types of trading costs: (a) explicit costs, such as, for example, exchange fees, commissions, and the costs of clearing and settlement; and (b) implicit costs, which include the bid-ask spread and the price impact of orders, to the extent that large orders cause an adverse change in s ...
Financial Accounting: Assets Question 1 (30 marks) Multiple choice
... C. Two years ago, Consolidated purchased 54% of the outstanding voting shares of Gas Distributors Inc. (Gas), a private foreign company in the natural gas distribution business. The purchase was made at a translated price of €24 per share. Consolidated has five seats on the eight-person Board of Di ...
... C. Two years ago, Consolidated purchased 54% of the outstanding voting shares of Gas Distributors Inc. (Gas), a private foreign company in the natural gas distribution business. The purchase was made at a translated price of €24 per share. Consolidated has five seats on the eight-person Board of Di ...
Real Regulatory Capital Management and Dividend Payout
... carried at HCA.1 Although gains trading can be undertaken using any assets that enter the regulatory capital at HCA (the most significant being outstanding loans), unrealized gains and losses on AfS securities are reported in other comprehensive income. Thus, this setting allows us to track whether ...
... carried at HCA.1 Although gains trading can be undertaken using any assets that enter the regulatory capital at HCA (the most significant being outstanding loans), unrealized gains and losses on AfS securities are reported in other comprehensive income. Thus, this setting allows us to track whether ...
Debunking myths about ETF liquidity
... dynamically adjust their supply of shares to match changes in investor demand. This feature enables ETFs to trade at prices that typically closely approximate NAV. ETF creation and redemption is the process by which ETF shares are added to or removed from the secondary market. This process is manage ...
... dynamically adjust their supply of shares to match changes in investor demand. This feature enables ETFs to trade at prices that typically closely approximate NAV. ETF creation and redemption is the process by which ETF shares are added to or removed from the secondary market. This process is manage ...
Trading room
A trading room gathers traders operating on financial markets. The trading room is also often called the front office. The terms ""dealing room"" and ""trading floor"" are also used, the latter being inspired from that of an open outcry stock exchange. As open outcry is gradually replaced by electronic trading, the trading room gets the only living place that is emblematic of the financial market. It is also the likeliest place within the financial institution where the most recent technologies are implemented before being disseminated in its other businesses.